Indian Oil Corporation (IOC) on Friday reported a 17 per cent rise in its net profit at Rs 6,099 crore for the March quarter of the financial year 2018-19 (FY19). The company had posted a profit of Rs 5,218 crore in the year-ago quarter.
The results were in sharp contrast to what analysts had projected for the recently concluded quarter. Edelweiss Securities, for instance, had estimated the company's loss at Rs 1,609.4 crore for the period while ICICI Securities had expected profit to decline 19.8 per cent to Rs 4,185.3 crore.
Total income for the quarter under review came in at Rs 1,45,531.78 crore, up 6 per cent against its Rs 1,36,964.20 crore logged in the corresponding quarter of the previous fiscal.
Average gross refining margin (GRM) for the period April 2018- March 2019 fell to $5.41 per bbl against Rs 8.49 per bbl in the previous finacial year.
Earnings before interest, tax, depreciation and amortisation (Ebitda) came in at Rs 10,876 crore.
The company's board of directors recommended the final dividend of Re 1.00 per equity share. This is in addition to the interim dividend of nearly Rs 8.25 per equity share paid during the year, IOC said in its press release.
At 02:41 pm, the stock was trading over 1 per cent lower at Rs 149.30 apiece on the BSE.